Mr Mitchell took over from former chief executive Chris Davies at the start of the month.

Prior to joining SIG, he was chief executive of Worksop-based Wilkinson Hardware Stores, having previously been managing director of A S Watson (Taiwan), part of Hong Kong-based multinational conglomerate Hutchison Whampoa, and managing director of J Sainsbury.

Mr Mitchell says his first impressions of SIG are very positive.

“SIG has a strong management team, leading positions in its markets and a clear strategy to take the business forward. While this provides a firm foundation on which to build, I believe there is further potential in the group, with opportunities to improve performance in areas such as procurement, e-commerce, supply chain logistics and rebranding,” he added.

SIG is proposing a dividend for the year of 3p, up from 2.25p last year.